San Diego-based Westcore Properties, a private, entrepreneurial commercial real estate investment firm, is purchasing a Southern California industrial portfolio from a real estate investment arm of MetLife for $69.4 million, or roughly $109 per square foot. Terms of the deal were not disclosed, but press releases indicate that MetLife was represented in the transaction by Darla Longo and Barbara Emmons with CBRE.
Properties included in this four-city portfolio consist of:
7100, 7050, 7051, 7101 and 7150 Village Drive in Buena Park
A 300,896-square-foot business park consisting of four multi-tenant/single-tenant light industrial buildings and one single-tenant data center building constructed in 1980 and 1981, respectively. The property is 99% leased to 15 tenants including Isuzu Motors and Hochiki America Corp.
300 East Arrow Highway in San Dimas
A 165,070-square-foot single tenant warehouse/distribution building originally constructed in 1972 and expanded in 1989. The property is 100% leased to Western Pacific Storage.
4422 Airport Drive in Ontario
A 88,323-square-foot multi-tenant industrial building constructed in 1978. The property is 100 percent leased to two tenants: NGOC Hoang Gia LLC and Kelleher Corporation.
14301 Gannet Street in La Mirada
A 80,000-square-foot, single-tenant industrial building constructed in 1968. The property is 100 percent leased to Spartech Polycom.
Westcore officials said the deal brought the company’s Southern California commercial portfolio to more than 2.5 million square feet. Hack Adams, senior vice president of acquisitions and leasing at Westcore, added that the acquisition will allow Westcore to capitalize on continued strength in the Class B industrial markets of the Inland Empire, Orange County and other parts of the region. "We are bullish on these submarkets and look forward to implementing our value add initiatives for each property," he said.
For more news and information visit Blumberg Partners.
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